I guess this settles it

[mairving]

Had a discussion about Oil companies price gouging awhile back. Funny coincidence. I saw this article today.

Exxon Mobil, Shell Post Record Profits

High prices for oil and natural gas propelled Exxon Mobil Corp. and Royal Dutch Shell PLC to their best quarterly results ever on Thursday, with Exxon becoming the first U.S. company ever to ring up quarterly sales of $100 billion.

[fudtone]

sick

[HAL9000]

But they're not gouging... gas prices are set by oil prices [/SARCASM]

[sgtspector]

Suprise, Suprise. Who'da thunk it?

[mbossman2]

does some one want to do some research and some math?

compare Q3 last years revenue to Q3 last years profits
compare this Q3's revenues to this Q3's profits
(calculates the profit margin)

is there an increase in margin or no?

[mairving]

Originally Posted by mbossman2 does some one want to do some research and some math? compare Q3 last years revenue to Q3 last years profits compare this Q3's revenues to this Q3's profits (calculates the profit margin) is there an increase in margin or no?

Well let me see. Exxon had record profits of almost 10 billion, which equates to $4.48 million an hour. Shell made almost 9 billion in profit also a record for them and it would have been a record except for Exxon. Exxon has taken out full page ads in several newspapers stating that their profit is not out of line, which many people are finding hard to swallow. Funny that quarterly profit was up 75% but revenues were only up 32%.

[Floppyman]

I'm not suprised at all to see this, it's very discontenting.

[Jaggannath]

Bunch of scunners... would love to skin them, taking advantage like that and then lying through their teeth.

[Litespeed]

They've been increasing profits by injecting employees with "work serum".

BAYTOWN, Texas - Fake flu shots were given out last week at a health fair at Exxon Mobil Corp.'s Baytown complex and an investigation was under way, authorities said.
ADVERTISEMENT

Exxon Mobil spokeswoman Treacy A. Roberts said Thursday that the
FBI told the company that what was administered "definitely not the flu vaccine."

It doesn't appear that the fake shots were harmful, but steps were being taken to ensure workers' safety, U.S. Attorney Chuck Rosenberg said in a statement Thursday.

Exxon Mobil offered blood tests and counseling to the up to 1,000 employees who took part in the health fair at the oil company's vast complex of refineries and chemical plants just east of Houston.

The FBI and the U.S.
Food and Drug Administration are investigating what was in the syringes and whether others might have received the fake vaccine, Rosenberg said.

Jeanne Miller, another Exxon Mobil spokeswoman, said a doctor provided the shots in Exxon's first use of an outside contractor to administer the shots. She declined to identify the doctor because of the federal investigation.

In the past, Miller said, company medical staff had offered flu shots at health fairs.

FBI officials did not explain how they found out about the potential fraud, Roberts said.

In May, a nurse in Minnesota, Michelle Torgerson, pleaded guilty to dispensing a drug without a prescription, admitting she used diluted vaccine left over from an earlier clinic and pocketed the cash when she gave college students shots at $20 each.

[David M]

It is true that oil is bought and sold as a commodity and oil traders and not oil companies contol the wholesale prices of unrefined and refined products...but still, this is pretty disgusting and discouraging. Wasn't there a windfall profits law enacted by congress years ago? It seems the profits should be confiscated and used to help pay down the defcit. I'm sure the shareholders are smiling.

[glc]

As a matter of fact, there's a congressman introducing a new windfall profits tax bill now.

Riddle me this? Why is diesel fuel $1 more than gasoline right now? Gas here is around $2.50 and diesel is $3.50. Gas is also back under $2 in Texas and Oklahoma.

[Byte 2.0]

Google it,

memo oil refineries closure

http://wyden.senate.gov/leg_issues/r...oil_report.pdf

[mbossman2]

Originally Posted by glc As a matter of fact, there's a congressman introducing a new windfall profits tax bill now.

doesn't it concern you that the government can make a completely arbitrary decision as to how much profit is "too much"?

Turn it around a little bit:

How would you feel if the government decided that you could make as much as you wanted but then would go ahead and seize, by fiat, any amount above and beyond what was determined as "fair"?

This happened once before, back in the 70's, when the US capped the price of oil at the domestic well-head. The effect was an artificially low energy price which dis-incented things like:

-exploration
-alternate energy source research
-improvements in fuel economy of american automobiles
-gasoline refinery production (which loops back to Byte's memos)
and brought about an increased dependence upon foreign sources of oil (oil pumped up from outside the country was not subjected to this price cap) which allowed OPEC to place an embargo on oil shipments to the USA (for its support of Israel during the Yom Kippur war) which caused incredible shortages of gasoline and gas lines and rationing not seen since WWII...

[Strider]

Not surprising in this, but what I'm surprise is that I'm not too angry or upset about this. If I own a business and it was real profitable, but it cause other consumers to pay a little bit more and the government wanted to say that I couldn't. Well, I think then I would be upset. The only time I would be upset is if someone was gouging water, because you need water to live and the last time I checked you could live without oil & gasoline (Although not as conviently ) but you need water. Gas will not last forever and people (& Governments) will have to come up with another source of energy and it will only be a matter of time before we are forced too.

[David M]

Originally Posted by glc As a matter of fact, there's a congressman introducing a new windfall profits tax bill now. Riddle me this? Why is diesel fuel $1 more than gasoline right now? Gas here is around $2.50 and diesel is $3.50. Gas is also back under $2 in Texas and Oklahoma.

glc,
Some states require the sale of low sulfur diesel which costs more to refine. I don't know if it is the sole reason for the price difference but it is a factor. California does require low sulfur diesel but I don't know about your state.

Interestingly, truckers will fill up near the Nevada border before driving into California. Diesel here costs more than premium gasoline.

Bob Brinker said today that the oil companies would be paying a windall tax.

[blue60007]

Here gas is between $2.25 and $2.35 and diesel is about $3.40. Feel bad for the truckers, but have no sympathy for the ding-dongs that drive around in those huge turbo-diesel pick-up trucks that get 4 MPG.

[glc]

As a matter of fact, those huge turbo-diesel pickup trucks get 15 mpg in the city and over 20 on the highway. Can't say the same for huge gas-powered SUV's. Last Lincoln Navigator I rode in got 14 on the highway on PREMIUM. I'd hate to see what a Hummer gets.

I think even 18 wheelers get better than 4 mpg these days.

[sgtspector]

It does concern me to a degree that the government can just come in and decide when you've made "enough" and take away the extra. On the other hand why cant milk producers make as much as they want also. Because of subsidies. These energy companies are getting subsidies, tax breaks and sweet-heart deals on drilling rights for their use of public lands to make a profit and they should be told what is enough.

[blue60007]

Originally Posted by glc As a matter of fact, those huge turbo-diesel pickup trucks get 15 mpg in the city and over 20 on the highway. Can't say the same for huge gas-powered SUV's. Last Lincoln Navigator I rode in got 14 on the highway on PREMIUM. I'd hate to see what a Hummer gets. I think even 18 wheelers get better than 4 mpg these days.

Oh, I know that they get better than 4 MPG, I was just making a hyperbole in an ironic tone (actually I'm a bit surprised that those turbo-diesel are that high, I was thinking 10-15). Someone we know said that thier Surburban or whatever got like 14-16 MPG average. Also someone else said their Hummer only gets like 6 in the city and *maybe* 10 on the highway.

[Jaggannath]

Originally Posted by sgtspector It does concern me to a degree that the government can just come in and decide when you've made "enough" and take away the extra. On the other hand why cant milk producers make as much as they want also. Because of subsidies. These energy companies are getting subsidies, tax breaks and sweet-heart deals on drilling rights for their use of public lands to make a profit and they should be told what is enough.

That's what gets me... they get it from public lands, and skim so much profit whilst putting little back in

[glc]

Just an update - went by a Meijer today, regular gas was $2.36 and diesel was $3.44.